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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Monday, December 28, 2020, Vol. 21, No. 259

                           Headlines



A R G E N T I N A

MSU ENERGY: Fitch Affirms 'CCC' LT Foreign and Local Currency IDRs


B R A Z I L

ANDRADE GUTIERREZ: Fitch Cuts LT Foreign, Local Currency IDRs to C
OI SA: Fitch Affirms CCC+ Long-Term Foreign and Local Currency IDRs


C A Y M A N   I S L A N D S

SHELF DRILLING: Moody’s Completes Review, Retains Caa1 CFR


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Scrambles to Halt COVID at Airports


E C U A D O R

ECUADOR SOCIAL: Fitch Affirms B-sf Rating on Class B Notes


M E X I C O

MEXICO: Christmas Crisis as Covid Red Alert Declared
NEW FORTRESS: Moody's Retains B1 CFR Amid $250MM Add-On Notes


P A N A M A

PANAMA CANAL RAILWAY: S&P Affirms 'BB-' ICR, Off Watch Negative


X X X X X X X X

[*] BOND PRICING: For the Week Dec 21 to Dec. 25, 2020

                           - - - - -


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A R G E N T I N A
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MSU ENERGY: Fitch Affirms 'CCC' LT Foreign and Local Currency IDRs
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Fitch Ratings has affirmed the Long-Term Foreign Currency (FC) and
Local Currency (LC) Issuer Default Ratings (IDRs) of MSU Energy
S.A. at 'CCC' and the rating of its USD600 million senior secured
notes due 2025 at 'CCC'/'RR4'. Similar to Argentine peers, the
ratings reflect the company's exposure to the uncertain local
operating and regulatory environment for generation companies along
with the electricity system's high dependence on government
subsidies.

Fitch expects MSU Energy's 2020 leverage to be 6.5x with a
deleveraging trend to 3.1x by 2023 due to the completion of three
combined cycle projects, which added 300MW of capacity and are
expected to nearly double the company's EBITDA on a pro-forma basis
to more than USD200 million.

MSU Energy's ratings continue to reflect its dependence on the
country's off-taker and electricity market coordinator, Compania
Administradora del Mercado Mayorista Electrico (CAMMESA). Fitch
believes MSU Energy is vulnerable to significant payment delays
from CAMMESA, given its expected tight FFO debt service coverage
over the next two years and approximately USD100 million in
remaining commercial debt obligations arising from its recently
completed combined cycle conversions. Fitch believes MSU would also
be vulnerable to significant remuneration changes to Resolutions
21/2016 or 287/17 or the pesification of these payment schemes,
similar to what occurred with Base Energy.

KEY RATING DRIVERS

Combined Cycle Conversions Completed: Fitch believes the completion
of MSU Energy's combined cycle conversions, two of which went
online in August 2020 and one in October 2020, considerably lower
the company's execution risk and will nearly double EBITDA on a
pro-forma basis to more than USD200 million beginning in 2021.

Fitch expects the conversions to improve the plants' efficiency by
25% and increase average dispatch to 90% from 16% with simple cycle
capacity only. The conversions added 300MW of capacity at a total
after-tax cost of USD490 million. Fitch incorporates an installed
capacity of 750MW into its base case beginning in October 2020.

Stable Cash Flow: MSU Energy's cash flow generation is relatively
stable and predictable if CAMMESA payments are received in a timely
fashion and power purchase agreement (PPA) terms are not
significantly altered. Fitch estimates 60% of the company's EBITDA
is related to Res. 21/2016, as of 4Q20, which is U.S. dollar
denominated for a 10-year period ending in 2027, with the remaining
40% attributable to Resolution 287/17 for 15 years. Given that the
company began operations in 2017, it is not expected to have
exposure to changes in Base Energy, the country's regulatory
framework for generators not under a PPA, until 2027.

Deleveraging Trajectory: Fitch estimates MSU Energy's total
debt/EBITDA for 2020 will be 6.5x but will fall to 3.6x and 3.1x,
respectively in 2022 and 2023. The expected deleveraging can be
attributed to MSU's EBITDA nearly doubling to more than USD200
million in 2021 due the combined cycle conversions and as the
company's USD250 million notes due 2024 begin to amortize in 4Q21.

Fitch expects 2020 FFO-interest coverage of 1.7x, indicating a
majority of cash flow will be dedicated to interest payments with
an improvement to 3.3x by 2023, due to the aforementioned increased
cash flow and debt reduction over time.

Heightened Counterparty Exposure: MSU Energy depends on payments
from CAMMESA, which acts as an agent for an association
representing electricity generators, transmission, distribution and
large consumers or the wholesale market participants known as
Mercado Mayorista Electrico. CAMMESA is currently paying invoices
within 80 days, which is higher than the contracted payment period
of 42 days.

Fitch expects payment delays from CAMMESA to begin to normalize
given that it is now paying around 95% of equivalent monthly
invoices on schedule. Despite project completion, MSU continues to
be vulnerable to significant delays from CAMMESA due its USD100
million commercial debt to General Electric Company (GE;
BBB/Stable) due within 12 months.

Uncertain Regulatory Environment: Argentina's current economic and
political environment remains highly uncertain and Fitch believes
that a material change in the company's PPAs would adversely affect
its capital structure and pesification would create a currency
mismatch between its cash flow source and debt service
obligations.

The sector is highly strategic where the government has a role as
the price/tariff regulator and also controls subsidies for industry
players. Fitch's base case assumes that Resolution 21 and 287 PPAs
remain in their current form although a reduction in terms and
pesification of contracts are risks under the new Fernandez
administration.

Short Operating History: MSU Energy's ratings reflect a short
operating history, which remains a concern. The company hired
experienced personnel to manage its operations and entered into an
operations and maintenance agreement with GE for the life of the
PPAs to supervise operations and train MSU staff, which mitigates
the short operating track record. This concern is also mitigated by
the plants' proven technology and access to fuel supply. The rating
reflects the assumption the issuers will retain GE through the life
of the PPAs.

DERIVATION SUMMARY

MSU Energy's FC and LC IDRs of 'CCC' is in line with those of local
Argentine peers, all of which are exposed to Argentina's regulatory
risk and operating environment as electricity generation companies
dependent upon the electricity market coordinator, CAMMESA, as
their counterparty.

MSU Energy's rated Argentine utility peers are AES Argentina
Generacion S.A. (CCC), Albanesi S.A. (CCC), Capex S.A. (CCC+),
Pampa Energia S.A. (CCC) and Genneia S.A. (CCC). The ratings also
reflect the Argentina electricity sector's increased reliance on
government subsidies primarily due to Argentine peso depreciation,
which increases counterparty risk for the country's generation
companies. Fitch believes with the securing of MSU Energy's
successful completion of its combined-cycle expansions in August
and October 2020 under Resolution 287 will provide a significant
bolster to the company's cash flow generation.

Fitch estimates MSU Energy's 2020 leverage, measured as gross
debt/EBITDA, will be 6.5x, which is weaker than peers such as Capex
at 4.9x, AES Argentina at 3.2x, Pampa Energia at 2.7x, Genneia at
3.9x and Albanesi at 3.6x. Fitch expects MSU Energy to deleverage
to 3.6x and 3.1x in 2022 and 2023, respectively, as increased cash
flow from the expansions is used to pay down amortizing debt.
Similar to MSU Energy, Albanesi is contemplating combined-cycle
expansions awarded under Resolution 287, but has yet to secure the
funding for the projects.

MSU Energy's and Albanesi's working capital is vulnerable to delays
in payments from CAMMESA. Albanesi currently has a weaker liquidity
structure and debt profile compared with MSU Energy, which has
USD250 million amortizing between 2021 and 2024 with its main
financial obligation and a USD600 million bond due 2025. Genneia is
close to completing its USD1 billion four-year 2017-2021 expansion
plan, which is concentrated on renewable projects, under the
RenovAR program where select projects ultimately have a guarantee
from the World Bank.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch’s rating case for the issuer
include:

-- Installed capacity of 750MW beginning in October 2020.

-- Simple cycle PPAs granted under SEE 21/2016. A fixed payment
    rate of USD/MW-month of USD20,900 for General Rojo and
    USD19,900 for Villa Maria and Barker;

-- A variable payment rate of USD/MWh of USD8.50 for natural gas
    and USD12.50 for fuel oil.

-- General Rojo and Villa Maria combined-cycle conversion
    expansions of 100MW completed in mid-August 2020 and Barker
    adds 100MW in October 2020 at a cost of USD1.5 million/MW.

-- Capacity payments will be received from CAMMESA within 80
    days.

Recovery Rating Assumption:

In the event of a default by the issuer, Fitch assumes a (-30%)
EBITDA change, a 6.0x going-concern enterprise value multiple and
10% administrative claims.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Given the issuer's high dependence on the subsidies by CAMMESA
    from the Argentine Treasury, any further regulatory
    developments leading to a more independent market less reliant
    on support from the Argentine government could positively
    affect the company's collections/cash flow.

-- A positive sovereign rating action coupled with sustained
    gross leverage of 5.8x or lower and sustained FFO-interest
    coverage of 2.0x or greater.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Sustained leverage above 7.3x over the rated horizon after
    expansion.

-- A reversal of government policies that result in a significant
    increase in subsidies and/or a delay in payments for
    electricity sales.

-- A significant deterioration of credit metrics and/or
    significant payment delays from CAMMESA.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Improving Liquidity: Fitch believes MSU Energy's liquidity position
is improved following a refinancing of its amortizing USD250
million notes due 2024 and anticipated payment schedule with GE to
settle commercial debt for equipment used in the combined-cycle
expansions under Resolution 287. Fitch believes the payment
schedule for both of these obligations is well timed to coincide
with the increased cash flow the company will receive beginning in
2H20.

Fitch does not anticipate the company will require additional debt
to meet these obligations. MSU Energy had cash and equivalents of
approximately USD28 million and available credit lines of between
USD20 million and USD25 million with local and regional banks as of
September 2020. Despite its improving liquidity, MSU remains
vulnerable to significant payment delays from its main off-taker,
CAMMESA, which is currently settling invoices within 80 days, above
the contractually agreed upon 42 days.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (ESG) Credit
Relevance is a Score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.



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B R A Z I L
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ANDRADE GUTIERREZ: Fitch Cuts LT Foreign, Local Currency IDRs to C
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Fitch Ratings has downgraded Andrade Gutierrez Engenharia S.A.'s
(AGE) Long-Term Foreign and Local Currency Issuer Default Ratings
(IDRs) to 'C' from 'CCC-' and the Long-Term National Scale Rating
to 'C(bra)' from 'CCC(bra)'. At the same time, Fitch has downgraded
Andrade Gutierrez International S.A.'s (AGI) senior secured notes
due 2021 and 2024, fully and irrevocably guaranteed by AGE, to
'C'/'RR4' from 'CCC-'/'RR4'.

KEY RATING DRIVERS

The downgrade reflects AGE's announcement of a Consent Solicitation
to bondholders of the 9.5% USD480 million Senior Secured Notes due
2024, requesting to extend the grace period of the coupon of the
notes due on Dec. 30, 2020, which in Fitch's view indicates that a
default-like process has begun.

AGE's liquidity deteriorated due to impacts caused by the
coronavirus on company's cash flow generation capacity that
resulted in additional costs, slower execution of projects due to
safety protocols and delays to begin several projects in the
pipeline. The depreciation of the Brazilian real has also added
pressure to the company's annual coupon payments, as coupons are
not hedged. As of September 30, 2020, the company had BRL218
million (USD42 million) of readily available cash, insufficient to
support coupon payments and operating cash burn.

On December 15, 2020, AGE announced a Consent Solicitation from the
2024 bondholders to extend the grace period of the USD22 million
coupon payment due on December 30, 2020 to 120 days, from 30 days
of the indenture, in exchange for a consent fee of USD1.50/bond.
The company also requested a second extension period of 62 days,
with a consent fee of USD1.00/bond. The two extension periods would
coincide with the payment of the next USD22 million coupon on June
30, 2021. The company needs simple majority of 50.1% of the
outstanding amount to approve the solicitation. The coupon will be
adjusted by 11.5% proportionate to the duration of the grace
period. Once the coupon is paid, the 30-day grace period rule of
the indentures will return.

AGE's cash flow generation capacity was reduced due to the
coronavirus restrictions, and Fitch believes uncertainties are high
for the company's EBITDA recovery in 2021. During the LTM ended
September 30, 2020, EBITDA was BRL214 million, well below Fitch's
expectations. The operating environment for the Engineering and
Construction (E&C) companies in Brazil has substantially
deteriorated and increased uncertainties about AGE's capacity to
continue the turnaround of its operations and recover the backlog
on a sustainable basis. AGE's backlog was BRL7.9 billion in
September 2020.

DERIVATION SUMMARY

AGE's ratings reflect the launch of a Consent Solicitation due to
strong liquidity pressures amid a scenario of severe economic
downturn and restricted access to credit lines.

KEY ASSUMPTIONS

KEY RECOVERY RATING ASSUMPTIONS:

The recovery analysis assumes that Andrade Gutierrez Engenharia
S.A. (AGE) would be reorganized as a going concern in bankruptcy
rather than liquidated. Fitch has assumed a 10% administrative
claim.

Going-Concern (GC) Approach

-- AGE's GC EBITDA of BRL256 million that considers the Fitch's
    forecasts for 2020 (BRL240 million), plus dividends received
    from unconsolidated investments (BRL16 million).

-- The EBITDA forecast reflects the deceleration caused by the
    coronavirus-related restrictions.

-- The agency considered no gains from the potential collection
    of past due receivables and legal claims, as they would
    distort the recurring EBITDA.

-- Fitch's GC EBITDA considers the execution of firmed contracts
    scheduled for 2020 at pressured margins of 6%.

-- An EV multiple of 5x is used to calculate a post
    reorganization valuation and it is in line with historical
    multiples of the industry.

-- Considers AGI's bonds 1st lien guarantee of 109.6 million CCR
    S.A. (CCR; AA+[bra]/Stable) shares at an average price of
    BRL13.73, leading to a guarantee of BRL1.5 billion.

-- The Recovery Rating is capped at 'RR4' as Brazil is classified
    as a Group D country by Fitch and represents a recovery
    prospect between 31% and 50%.

Liquidation Value Approach

Fitch excluded the liquidation value (LV) approach because
Brazilian bankruptcy legislation tends to favor the maintenance of
the business to preserve direct and indirect jobs. Moreover, in
extreme cases where LV was necessary, the recovery of the assets
has proved very difficult for creditors.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Payment of the coupon within the grace period.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Failure to pay coupon within the grace period would result in
    a downgrade to RD.

-- Filing for bankruptcy protection would result in a downgrade
    to D.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Weak Liquidity: AGE's refinancing risk substantially increased due
to impacts caused by the pandemic on the company's cash flow
generation and more restricted access to credit lines. In Sept. 30,
2020, AGE's readily available cash amounted BRL218 million (USD42
million) and short-term debt was BRL565 million (USD110 million),
including the USD43 million of the holdouts AGI's 2021 senior
secured bond, due Aug. 2021. Fitch estimates AGE has approximately
BRL300 million (USD58 million) of coupon payments over the next
twelve months.

Fitch understands the company's financial flexibility could be
further pressured by payment at Andrade Gutierrez Participações
S.A.'s (AGPar) level. The group's debt maturity is concentrated and
includes AGPar's annual coupon payments of about BRL124 million and
BRL400 million debentures maturing in 2021, of which BRL164 million
is as of May. AGPar strongly depends on dividends from CCR S.A.
(AA+[bra]/Stable) to meet its obligations. CCR shares guarantee on
first lien AGPar debenture and part of AGI's notes. The
depreciation in the value of CCR's shares reduced the guarantee of
AGPar BRL1.5 billion debentures to levels below the threshold of
150% and a waiver has been granted. The guarantee for its BRL370
million debentures remains slightly above the minimum of 100%.


OI SA: Fitch Affirms CCC+ Long-Term Foreign and Local Currency IDRs
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Fitch Ratings has affirmed all of Oi S.A.'s ratings, including the
Long Term (LT) Foreign Currency (FC) Issuer Default Rating (IDR) at
CCC+, the LT Local Currency (LC) IDR at CCC+, the USD unsecured
2025 notes instrument rating at 'CCC+'/RR4, and the National LT
Rating at B(bra)/Stable.

The affirmation of the Oi's ratings reflects the impact on Oi's
consolidated credit profile following the reorganization of the
group's activities. Oi received creditor approval to amend its
Judicial Reorganization Plan (JRP) to create and divest Isolated
Production Units (UPIs), which consist of the shares of the Special
Purpose Entity (SPEs), that house the group's mobile (SPE Movable),
data center (SPE Data Center), tower (SPE Towers), pay TV (SPE
TVCo), and fiber infrastructure assets (SPE InfraCo) in 2020 and
2021.

Oi will sell 100% of the UPI Movable to TIM S.A., Telefonica Brasil
S.A., and America Movil S.A.B. de C.V. for BRL16.5 billion, which
Fitch expects to close in 4Q2021, subject to regulatory approval.
The company has completed the sale of 100% its UPI Towers and UPI
Data Center to Highline do Brasil and Piemonte Holdings,
respectively, for a total of BRL1.4 billion.

Fitch expects the gross proceeds from these divestments to be
around BRL24.0 billion - 27.0 billion, which will be used to prepay
debt according to the amended JRP. Fitch expects that secured
creditors will be paid first, followed by unsecured creditors in
installments.

Oi's remaining assets and liabilities not transferred to a UPI will
be housed in a service arm (RemainCo ServiceCo). These assets
include Oi's fixed B2B and B2C customers, the Solutions segments,
and the copper network, among other. The liabilities include the
majority of the group's debt.

Fitch forecasts that, following the full disposal of 100% of the
SPE Movable and 49% of the SPE InfraCo in 2021, Oi RemainCo's
leverage and coverage metrics will be very weak. Fitch anticipates
that InfraCo will have superior growth characteristics relative to
RemainCo.

KEY RATING DRIVERS

Asset Sales: Oi sold or reached agreements to sell in excess of
BRL22 billion in assets in 2020 to fund its ambitious capex program
and reduce debt. On December 14, 2020, a consortium of the three
other mobile network owners in Brazil won the auction of Oi's
mobile operations for BRL16.5 billion (USD3.2 billion), including
BRL15.7 billion as the base price and BRL756 million as Transition
Services cost for 12 months after the closing, as well as a BRL819
million take-or-pay data transmission contract . This follows
agreements to sell the tower assets for BRL1.1 billion and data
center assets for BRL325 million. In early 2020, Oi divested its
25% stake in its African operations, including dividends
receivable, for USD1.0 billion (BRL4.4 billion).

Debt Prepayments: The net proceeds of the mobile sale will be used
to pay down both pre-petition and post-petition liabilities. As of
September 30, 2020, Oi reported BRL43.1 billion of debt, comprising
pre-petition secured debt of BRL4.2 billion, post-petition secured
debt of BRL3.8 billion, and pre-petition unsecured debt of BRL35.2
billion. Fitch forecasts that Oi will repay ~9.0 billion of debt in
2021, primarily the secured debts, using the proceeds from the
mobile sale. Unsecured bank and export credit agencies (ECAs) will
be paid in installments from 2022-2024 at ~50-55% discount to face
value, or around BRL8.0-8.5 billion / BRL18.2 billion. Unsecured
bondholders have the right to participate in a series of reverse
auctions.

Partial Divestment of InfraCo: The main strategy of Oi is to expand
its fiber optic network. Oi is exploring a sale of up to 51% of the
shares in its InfraCo. Fitch expects the sale to take place in 2021
through a minimum payment of BRL6.5 billion to Oi and a capital
increase of up to BRL5.0 billion. Following the sale of 51% stake,
Oi will deconsolidate InfraCo, and "InfraCo shall automatically
cease to be jointly and severally liable with the Debtors for their
payment obligations," per the Amendments to the JRP. The remaining
Oi group (RemainCo) will house the legacy copper infrastructure,
client services, and other assets, in addition to most of the
debt.

InfraCo Strategy: Oi will concentrate on developing fiber optic
infrastructure, to be deployed for retail and wholesale (i.e. other
telecom operators) customers through the services segment. There
has been a sharp increase in the demand for high-speed internet in
Brazil, which has coincided with significant investments by Oi's
competitors (including the consortium of mobile buyers). Oi has
invested over 30% of revenues over the last 2 years, primarily on
upgrading its copper broadband network, passing ~8.0 million homes
and connecting 1.8 million of them at an accelerating rate as of
September 30, 2020.

The company will also offer fiber to its corporate customers and
other telecoms. A neutral infrastructure provider can aggregate
wholesale telecom demand, providing a cost-effective solution to
carriers that face pressure to profitably expand network coverage
and capacity. As carriers plan for 5G deployment, Oi also hopes to
capitalize on increased demand for fiber to the tower.

RemainCo's Negative Cash Flow Prospects: Fitch forecasts revenues
at the RemainCo to drop from BRL18.7 billion in 2019 to 10.0
billion , due to copper attrition and the sale of the mobile unit
(BRL7.0-7.5 billion) before stabilizing. Margins will also decline,
due to the disposals of the mobile and fiber units; Fitch expects
EBITDA margins in the 12%-15% range over the rating horizon.
Average EBITDA of around BRL1.3 billion should be mostly consumed
by cash interest payments (900 million from the 2025 USD notes).
The reduction in EBITDA and FFO generation contribute to slim
coverage metrics. Combined with capex above BRL1.0 billion, Fitch
forecasts negative cash flow generation.

High Leverage Expected to RemainCo: Fitch anticipates net debt at
the RemainCo to decline to BRL13.0-16.0 billion (face value) by
2023, implying a net leverage ratio over 8.0x. Fitch does not
expect significant dividends or cash flows from the InfraCo until
2024. The low growth potential of RemainCo and the deconsolidation
of InfraCo contribute to the overall weak assessment of Oi's credit
profile, despite the reductions in overall debt. Fitch evaluates
credit metrics based on principal value, rather than fair value.

InfraCo will assume BRL2.4 billion of Oi S.A. debt, which it will
repay following the capital raise. Fitch expects the company to
secure additional equity & debt financing to continue its rapid
expansion through 2024.

Decreased Refinancing Risk: The refinancing of the secured PIK
debentures, in particular, alleviate Fitch's main near-term
liquidity concerns that contributed to the downgrade of the company
to 'CCC+' from 'B-'. Regarding the other debts, the interest and
principal grace periods on the restructured debt were set to expire
in 2022 and 2023.

Debt Repayments for Less than Par: The discount to ECAs and banks
does not constitute a default, or a distressed debt exchange (DDE).
Fitch's criteria states that the loan agreement typically addresses
below par purchases; purchases beyond stated provisions typically
require credit agreement amendments, which Oi obtained at the
extraordinary general creditors' meeting. Fitch does not treat most
bond tender offers below par as DDEs, unless acceptance is
conditional on a minimum tender amount or if combined with a
consent solicitation to amend covenants, unless circumstances
indicate that insufficient participation would contribute to a
default. Neither condition is satisfied by the JRP amendments.

DERIVATION SUMMARY

Oi's ratings reflect its restructured financial profile and the
still-uncertain outlook for its turnaround strategy. Compared to
Latin American carriers in the low speculative grade / distressed
territory, such as Digicel Group Limited, Oi has better liquidity
but also a more leveraged capital structure, following the expected
disposal of the higher-margin assets. Compared to American carriers
that have restructured or declared bankruptcy, such as Windstream
and Frontier, Oi has a better business position as the third
largest telecom operator in Brazil.

The ratings are not constrained by Brazil's operating environment
or country ceiling; however, the company is wholly exposed to
fluctuations in the Brazilian macroeconomic environment.

KEY ASSUMPTIONS

-- RemainCo revenues declining from BRL18.8 billion in 2020 to
    BRL10.5 - 11.0 billion, along with EBITDA margins compressing
    from 22% to 11%, primarily due to the disposal of the mobile
    and fiber infrastructure units.

-- Inflows of BRL16.5 billion from the disposal of the SPE
    Movable.

-- Inflows of BRL6.5 billion in three installments from 2022 –
    2024 from the disposal of the SPE InfraCo.

-- Inflows of BRL1.4 - BRL1.5 billion from the disposal of the
    SPE Towers and the SPE Data Center and the SPE TVCo.

-- Proceeds from asset sales used to pay down debt.

-- InfraCo revenues growing in line with guidance.

-- For the recovery analysis, Fitch estimates a going concern
    EBITDA of around BRL1.0 billion, and uses a 4.0x multiple.
    Most of the enterprise value comes from the 49% stake in the
    InfraCo, which the company values at BRL20.0 billion.

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Fitch does not anticipate a positive rating action for Oi in
    the near term due to the expected high leverage and negative
    free cash flow.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- Competitive pressures leading to lower-than expected revenue
    and cash flow generation, and coverage ratios dropping below
    1.0x.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of September 30, 2020, the company reported
BRL5.5 billion of cash and equivalents, against short-term debt of
BRL195 million. Oi has adequate liquidity, given its extended
amortization profile and Fitch's expectation its asset sales will
continue as planned.

The debt of the company has a face value of approximately 43.1
billion and a fair value of BRL26.9 billion, owing to the extended
amortization profile of the pre-petition debts (through 2042).

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Standard lease adjustments.

-- Reversed out fair value of debt adjustment.

ESG CONSIDERATIONS

Oi S.A. has an ESG Score of '4' for Financial Transparency.
Reporting is adequate, but the complexity of the its financial and
operational restructuring weighs on the overall assessment of
Transparency.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




===========================
C A Y M A N   I S L A N D S
===========================

SHELF DRILLING: Moody’s Completes Review, Retains Caa1 CFR
------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Shelf Drilling, Ltd. and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Shelf Drilling, Ltd.'s (Shelf Drilling) Caa1 corporate family
rating  reflects a deteriorating global offshore drilling market as
reflected by declining day rates; the company's high exposure to
re-contracting risk; the company's weak credit metrics and high
financial leverage; and its relatively old fleet, which may require
additional investments over time.

Shelf Drilling benefits from the exposure to diversified shallow
water oil basins, with continued oil and gas production; track
record of signing and renewing contracts in a competitive
environment and having long-standing relationships with blue-chip
companies; and long debt maturity profile with majority of its
financial debt due in February 2025.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.



===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Scrambles to Halt COVID at Airports
-------------------------------------------------------
Dominican Today reports that the Dominican government announced a
series of measures to prevent the spread of COVID-19 at airports,
at a time when the flow of visitors to the country increases as a
result of the Christmas festivities.

The authorities prohibited more than two people per vehicle from
going to pick up passengers at the different airports, ordered an
increase in staff to attend to travelers, and increased patrols to
ensure their safety, according to Dominican Today.

Deputy Public Health Minister, Edward Guzman, told journalists that
a military checkpoint will be placed on the Las Americas airport
exit to verify that only two people are inside the vehicle, the
report notes.

                      About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the
island of Hispaniola with Haiti to the west. Capital city Santo
Domingo has Spanish landmarks like the Gothic Catedral Primada de
America dating back 5 centuries in its Zona Colonial district.

Luis Rodolfo Abinader Corona is the current president of the
nation.

The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.

The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.

Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).



=============
E C U A D O R
=============

ECUADOR SOCIAL: Fitch Affirms B-sf Rating on Class B Notes
----------------------------------------------------------
Fitch Ratings has affirmed Ecuador Social Bond S.a.r.l.'s (ESB)
class A and B 144A/Reg S notes (together, the Repack Notes) at
'AAAsf' and 'B-sf', respectively. The Rating Outlook on the Repack
Notes remains Stable.

            DEBT                       RATING        PRIOR
            ----                       ------        -----
Ecuador IDB Repack
Class A (secured) XS2106052827    LT AAAsf Affirmed  AAAsf
Class B (secured) XS2106053635    LT  B-sf Affirmed  B-sf

TRANSACTION SUMMARY

The Social Bond, issued by the Republic of Ecuador and partially
guaranteed by the Inter-American Development Bank (IDB;
AAA/Stable), is the asset backing the Repack Notes. The assigned
ratings address timely payment of interest and principal on a
semi-annual basis.

KEY RATING DRIVERS
Social Bond Backed by Full Faith and Credit of Ecuador: The Social
Bond issued by the Republic of Ecuador is the asset backing the
Repack Notes issued by ESB. The Social Bond shares all
characteristics of other external indebtedness of the sovereign and
is backed by the full faith and credit of Ecuador. The only
difference is that its proceeds are for specific investment in
Ecuador's social housing program, and its debt service benefits
from a partial credit guarantee by the IDB.

IDB's Partial Credit Guarantee Comprehensive in Scope: The partial
credit guarantee between the IDB and ESB, as initial purchaser of
the Social Bond, partially covers Ecuador's failure to meet its
obligations on the Social Bond. After Ecuador's default on the
Social Bond, all draws from the IDB guarantee will be exclusively
applied by the Trustee to cover 100% of class A's debt service,
covering a percentage of the underlying Social Bond.

The IDB guarantee is comprehensive in scope and effectively covers
100% of the class A notes to be issued by ESB within the 23-day
cure period. IDB's obligations under the partial guarantee
constitute direct, unsecured obligations of IDB.

IDB's Credit Quality Remains Strong: The rating assigned to the
class A notes is commensurate with the Issuer Default Rating (IDR)
of the guarantee provider. On Nov. 24, 2020, Fitch affirmed IDB's
IDR at 'AAA'/Stable.

Class B Notes Ratings Commensurate with Sovereign: Given that all
flows from the IDB guarantee will be applied to the class A notes
to meet debt service according to the guarantee's schedule, a
default by Ecuador under its obligations of the Social Bond would
lead to a default of ESB's obligations under the class B notes. On
Sept. 3, 2020, Fitch upgraded Ecuador's IDR to 'B-'/Stable from
'RD' following the completion of a distressed debt exchange (DDE)
that the agency deemed to have cured a prior default event
initiated in April 2020.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- The class A notes' ratings are linked to the IDB's Long-Term
    Foreign Currency IDR (rated AAA/Stable), which is the highest
    rating assigned by Fitch.

-- The ratings on the class B notes could be upgraded if
    Ecuador's IDR, currently rated 'B-'/Stable, is upgraded.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

-- The class A notes' ratings are linked to the IDB's Long-Term
    Foreign Currency IDR; hence, a downgrade of the IDB's IDR
    would trigger a downgrade of class A notes in the same
    proportion. Additionally, changes in Fitch's view regarding
    the strength of the IDB guarantee may impact the class A
    notes' ratings.

-- The class B notes' credit quality reflects Ecuador's rating
    and, therefore, is sensitive to changes in Ecuador's Long-Term
    IDR. Hence, a downgrade to Ecuador's IDR would trigger a
    decrease in the class B note ratings in the same proportion.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The credit risk of the class A notes is linked to the credit
quality of the IDB (AAA/Stable) as the only beneficiaries of the
IDB guarantee. The credit risk of the class B notes is directly
linked to Ecuador's Long-Term Foreign Currency IDR (B-/Stable).




===========
M E X I C O
===========

MEXICO: Christmas Crisis as Covid Red Alert Declared
----------------------------------------------------
EFE News reports that a Covid-19 red alert was re-imposed in Mexico
City, which is facing its worst moment of the pandemic and now also
a Christmas crisis with all non-essential shops closed until Jan.
10.

"This could have been done a month or two ago. Unfortunately it is
happening right now, with the Christmas season around the corner,
so we all have to look for our daily bread or cheaper things,"
lamented Beatriz Heredia, a retiree who came to the historic center
to buy medicines, according to EFE News.

The new emergency measures will cause losses of 48,554 million
pesos ($2.4 million) in sales, warned the National Chamber of
Commerce, the report notes.

It could also bankrupt eight out of 10 restaurants, according to
the National Chamber of the Restaurant and Seasoned Food Industry,
the report relays.

But the red alert of the epidemiological traffic light, the highest
level of risk, has been activated because Mexico City has a
hospital saturation of almost 85 percent of its general beds, more
than at any other time during the pandemic, the report says.

Of the 57 public hospitals treating Covid-19 patients, 12 are
almost completely full, a figure that rises to 27 when taking into
account those with 90 percent or more occupancy, according to the
information system of the Serious Acute Respiratory Infections
Network, the report notes.

"The government indicated what we had to do, we did not obey. So
right now we are all paying the consequences, both people who are
not in the commercial sphere, and the people who make a living from
it," Heredia said, the report discloses.

The shops in the historic center of Mexico City, filled the day
before with Christmas shoppers, are now closed up, despite the
persistent flow of passers-by and street vendors, the report says.

The red alert announced by Mexico City and its neighboring State of
Mexico only allows the sectors of food, energy, telecommunications
and public works and services as well as restaurants with take-out
food, pharmacies and repair shops to operate, the report relays.

Merchants reacted with solidarity, but questioned the strategy of
the government of the capital and the country for holding off on
declaring the health emergency for weeks, when a rise in infections
was evident, the report notes.

Even so, they also recognized the responsibility of the citizens,
who still crowded public areas despite the presence of security,
the report discloses.

"People do not pay attention. They come with complete families,
they bring babies, they bring children without face masks, without
any protection," Ana Bejarano, a worker in a food business in the
area, said, the report relays.

The government of Mexico has recognized that the country is
experiencing its second wave of the pandemic, with more than
117,000 deaths and 1.3 million cases, and daily increases that
exceed 10,000 infections, the report notes.

Of these figures, Mexico City concentrates more than 282,000 cases
and almost 20,000 deaths, the report relays.

President Andres Manuel Lopez Obrador, who had insisted that there
would be no hospital saturation in Mexico City, acknowledged the
situation in the country's capital, the report relays.

"It has been terrible to face this pandemic, but we will get out of
this. Now it had to be decided by the doctors, to declare Mexico
City on a red light due to the number of infections and to prevent
the pandemic from overtaking us," he said at an event public in
southeastern Yucatan state, the report notes.

But Lopez Obrador affirmed that "fortunately this is not what is
happening throughout the country," specifying that only eight of
the 32 states show an increase in infections, the report relays.

The president, who has questioned the mandatory use of masks and
"authoritarian" measures to stop the pandemic, defended a
"balanced" response between health and the economy, the report
discloses.

"Action in health has to be balanced. That is, facing the pandemic
as it has been done and also reactivating our economy. We cannot
only dedicate ourselves to attending the pandemic, to shutting down
economic activity completely in the country because it would be
very serious," he said, the report adds.

NEW FORTRESS: Moody's Retains B1 CFR Amid $250MM Add-On Notes
-------------------------------------------------------------
Moody's Investors Service said B1 ratings of New Fortress Energy
Inc.'s are unchanged following the company's announcement that it
is issuing $250 million senior secured add-on notes, raising the
total outstanding amount of the notes to $1,250 million (rated
B1).

Other ratings of NFE, including its B1 corporate family rating,
B1-PD probability of default rating and the SGL-3 Speculative Grade
Liquidity rating remain unchanged. The outlook is stable.

NFE plans to use the proceeds from the placement of the add-on
senior secured notes to fund expansion of operations in 2021-22.

NFE's senior secured notes, including the new notes, are rated B1,
at the same level as the CFR. Following the prepayment by NFE of
all debt previously raised at its operating subsidiaries in 2020,
its senior secured notes comprise substantially all its debt.

NFE's B1 CFR is underpinned by NFE's robust execution on its growth
plan in 2020, backed by long term contracts and proprietary
downstream infrastructure appended to power generation facilities
in Jamaica and Puerto Rico, as well as Mexico and Nicaragua, and
reflect Moody's expectation of NFE's rising earnings and
deleveraging in 2021.

The company's ratings also reflect Moody's views on the credit
quality of its customers. NFE is improving its customer and
geographic diversification in 2020-2021, but its operating cash
flow retains high dependence on a few key utility customers in
Jamaica and Puerto Rico. The rating assumes a relatively low
volatility in earnings, underpinned by a high level of contracted
revenues, including some take-or-pay and minimum volume
commitments, expected volume growth, as well as above market
contracted prices that support strong cash margins.

NFE is a high growth business. The B1 CFR reflects our expectation
that the company will maintain a conservative balance of debt and
equity funding while executing on numerous growth opportunities.
NFE's financial policy targets reasonable financial leverage of
debt/EBITDA of 3x, to be supported by reinvestment of growing
operating cash flow and equity issuance to help fund growth
investments. The company expects to rapidly grow its earnings in
2021 as a result of new facilities in Nicaragua and Mexico coming
online. This should result in leverage declining towards 3x in
2021.

NFE maintains adequate liquidity, reflected in its SGL-3 rating,
that is supported by substantial cash balances, that at the end of
September 2020 stood at $113 million. With all operating facilities
generating substantial operating cash margin, NFE's principal
financing needs are driven by its growth capital investment. The
rating assumes that NFE will maintain a sizable cash balance in
2021 and will continue to proactively raise additional financing to
support growth investment requirements. The adequate liquidity
position is also supported by substantial alternate liquidity
sources, including growing infrastructure power assets, as well as
the demonstrated ability to raise equity to support growth. The
company also benefits from the extended maturity profile of its
debt, with the new notes maturing in 2025.

The stable outlook on all ratings assumes continued robust
execution on growth plans and strong operating performance across
the expanding asset base, as well as proactive management of
funding and liquidity needs.

The B1 CFR could be upgraded if the company sustains growth in
EBITDA and builds a strong operating track-record. The upgrade
would require an improvement in the credit profile of the customer
base, including through broader earnings diversification or larger
exposures to higher rated customers and jurisdictions. Also, the
company will need to demonstrate its commitment to equity
co-funding of future growth projects and its ability to operate
within the stated financial policy with debt/EBITDA below 3x.

The ratings may be downgraded if the deleveraging trend is reversed
as a result of a decline in operations or regulatory interference
with debt/EBITDA not trending below 5x or if liquidity position
weakens. Failure to resolve FERC dispute in Puerto Rico in a timely
manner may cause a significant disruption to operations and lead to
a negative outlook or a downgrade of the ratings.

New Fortress Energy Inc is a US-listed, high growth energy
infrastructure company with downstream LNG operations in Jamaica,
Puerto Rico, Mexico and in the US.



===========
P A N A M A
===========

PANAMA CANAL RAILWAY: S&P Affirms 'BB-' ICR, Off Watch Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its ratings on Panama Canal Railway Co.
(PCRC), including its 'BB-' issuer credit and issue-level ratings,
and removed them from CreditWatch with negative implications.

S&P said, "The negative outlook on PCRC reflects our view that its
leverage metrics will spike in 2020 and could remain elevated in
the first half of 2021.

"We placed our ratings on PCRC on CreditWatch negative following an
accident at the Gamboa Bridge, caused by a ship transiting the
Panama Canal that forced the railroad to suspend operations.
Although the time to restart operations took longer than expected
(more than 60 days), and the railroad resumed operations in October
1, 2020, in our view, the management took key actions in preventing
its liquidity from eroding. This includes cutting operating
expenses, capex and dividends to the minimum necessary levels. It
also includes the collection of accounts receivables, and the
favorable agreements that the company reached with its insurer to
receive timely prepayments from its property damage and business
interruption insurance, while negotiations to determine the final
amount continue. These actions have allowed the company's cash
balance to be about $10.6 million at Sept. 30, 2020. This, together
with the expected funds from operations (FFO) for the next 12
months, will keep liquidity adequate in the next 12 months, in our
view. This has prompted us to remove ratings from CreditWatch and
affirm them.

"We currently forecast a decline of 37% in freight volume in 2020
(given the three months of suspended operations), which will hurt
revenue and EBITDA. In addition, we expect the company's leverage
metrics to spike in 2020, with an adjusted debt to EBITDA at
3.5x-4.0x and FFO to debt of 20%-15%. These metrics will sharply
deviate from 2.2x and 36%, respectively, for the last 12 months
ended June 30, 2020, which included only seven days of the
suspended railroad operations.

"We expect PCRC's freight volume to continue recovering in 2021,
leading to a rebound in top-line (revenue and EBITDA). We estimate
adjusted EBITDA to be $18 million - $20 million at the end of 2021,
excluding potential proceeds from the business interruption
insurance claim. This, together with the company's high cash
business conversion model and low capital expenditures, should
enable PCRC to generate adjusted free operating cash flow (FOCF) of
$11 million - $13 million. We continue to believe that dividend
distribution will remain subject to the company's financial
position and cash flow generation. Given that we evaluate PCRC's
credit metrics on a gross basis, we believe the amortizing
structure of its debt is key in aligning credit metrics with the
current rating level, with expected adjusted debt to EBITDA below
3.0x and FFO to debt above 30% by the end of 2021."

According to data from Autoridad Marítima de Panama (AMP), in the
first 10 months of 2020, Panama's transship volumes grew 9.3% in
terms of metric tons and 4.7% in terms of the number of containers,
compared with the same period last year. The solid momentum is
partly because the lockdowns led some countries in the region to
close their ports during the most restrictive phase of the
pandemic, prompting Panama's ports to keep shiploads due to their
strategic location. In addition, lower demand due to recession is
making more difficult a cost-effective operation of bigger ships
with direct routes. As a result, some companies have opted to
unload in Panama's ports and redistribute shipments to their final
destinations.

S&P said, "We believe the rising activity in Panama's ports will
likely be extended into 2021. However, we don't expect PCRC to
benefit much from it. The sudden stop of its operations in the
third quarter, forced some of its customers to look for alternative
modes of transportation of their freight (including trucking
companies). In our view, it's currently uncertain when they would
resume using PCRC's services. Our current forecast assumes a
partial recovery in freight volumes, reaching about 230,000
containers by the end of 2021, mainly stemming from volume of its
main customers, A.P. Moller - Maersk A/S (BBB/Positive/--) and its
subsidiary, Hamburg Süd (not rated), which quickly restarted using
the railroad. In our view, this underscores the importance of the
railroad for the main clients' operations in the Balboa port."




===============
X X X X X X X X
===============

[*] BOND PRICING: For the Week Dec 21 to Dec. 25, 2020
------------------------------------------------------
Issuer Name              Cpn     Price   Maturity  Country  Curr
-----------              ---     -----   --------  -------   ---
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Energetica de Pern     6.2     1.1    1/15/2022    BR     BRL
SACI Falabella             2.3    50.6    7/15/2020    CL     CLP
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Provincia de Cordoba       7.1    72.7     8/1/2027    AR     USD
Argentine Republic Gov     6.3    74.1    11/9/2047    AR     EUR
Provincia del Chaco Ar     4.0     0.0    12/4/2026    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Enel Americas SA           5.8    32.7    6/15/2022    CL     CLP
Provincia de Cordoba       7.1    74.7     8/1/2027    AR     USD
Metrogas SA/Chile          6.0    41.6     8/1/2024    CL     CLP
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Empresa Provincial de     12.5     0.0    1/29/2020    AR     USD
Corp Universidad de Co     5.9    64.2   11/10/2021    CL     CLP
Argentine Republic Gov     0.5    27.6   12/31/2038    AR     JPY
Sylph Ltd                  2.4    65.1    9/25/2036    KY     USD
Noble Holding Internat     5.3    60.5    3/15/2042    KY     USD
AES Tiete Energia SA       6.8     1.2    4/15/2024    BR     BRL
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
Argentine Republic Gov     6.9    75.2    1/11/2048    AR     USD
Argentina Bonar Bonds      5.8    75.2    4/18/2025    AR     USD
Argentine Republic Gov     4.3    70.0   12/31/2033    AR     JPY
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
Cia Latinoamericana de     9.5    74.3    7/20/2023    AR     USD
Polarcus Ltd               5.6    71.8     7/1/2022    AE     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Automotores Gildemeist     6.8    54.9    1/15/2023    CL     USD
City of Cordoba Argent     7.9    73.1    9/29/2024    AR     USD
Provincia del Chaco Ar     9.4    74.8    8/18/2024    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Noble Holding Internat     6.2    62.2     8/1/2040    KY     USD
Province of Santa Fe       6.9    74.7    11/1/2027    AR     USD
KrisEnergy Ltd             4.0    40.4     6/9/2022    SG     SGD
Odebrecht Finance Ltd      7.0    17.0    4/21/2020    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Empresa Electrica de l     2.5    63.8    5/15/2021    CL     CLP
Sociedad Austral de El     3.0    17.0    9/20/2019    CL     CLP
Argentine Republic Gov     7.1    75.7    6/28/2117    AR     USD
Plaza SA                   3.5    38.3    8/15/2020    CL     CLP
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
Banco Security SA          3.0    27.4     6/1/2021    CL     CLP
Provincia de Buenos Ai     7.9    75.3    6/15/2027    AR     USD
Provincia de Rio Negro     7.8    70.4    12/7/2025    AR     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Embotelladora Andina S     3.5    37.9    8/16/2020    CL     CLP
Banco Security SA          3.0     5.6     7/1/2019    CL     CLP
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
Fospar S/A                 6.5     1.2    5/15/2026    BR     BRL
China Huiyuan Juice Gr     6.5    46.6    8/16/2020    CN     USD
Argentine Republic Gov     8.3    74.5   12/31/2033    AR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
MIE Holdings Corp          7.5    56.4    4/25/2019    HK     USD
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Provincia de Rio Negro     7.8    70.3    12/7/2025    AR     USD
Argentine Republic Gov     8.3    72.9   12/31/2033    AR     USD
MIE Holdings Corp          7.5    56.2    4/25/2019    HK     USD
mpresa de Transporte      4.3    30.9    7/15/2020    CL     CLP
Odebrecht Finance Ltd      6.0    16.4     4/5/2023    KY     USD
Cia Latinoamericana de     9.5    73.9    7/20/2023    AR     USD
Automotores Gildemeist     8.3    54.2    5/24/2021    CL     USD
Province of Santa Fe       6.9    75.2    11/1/2027    AR     USD
Odebrecht Finance Ltd      7.0    16.5    4/21/2020    KY     USD
Yida China Holdings Lt     7.0    74.3    4/19/2020    CN     USD
Noble Holding Internat     6.1    62.0     3/1/2041    KY     USD
USJ Acucar e Alcool SA     9.9    74.0    11/9/2019    BR     USD
YPF SA                    16.5    67.3     5/9/2022    AR     ARS
Provincia del Chubut A     4.5    2208    3/30/2021    AR     USD
Avadel Finance Cayman      4.5    55.0     2/1/2023    US     USD
Argentina Bonar Bonds      7.6    74.4    4/18/2037    AR     USD
Banco Macro SA            17.5    65.2     5/8/2022    AR     ARS
Esval SA                   3.5    49.9    2/15/2026    CL     CLP


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000.
.


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